Hinto Energy Announces Change in Control and Appointment of New Officers and Directors

Rhea-AI Summary

Hinto Energy, Inc. (OTCQB:HENI) announced a significant change of control due to the sale of Series A Preferred shares from Synergy Management Group LLC to JF Biopharma, Inc. This transaction, expected to close by month-end March 2023, gives JF Biopharma voting control over Hinto Energy. New management has been appointed, including Jason Frankovich as Director and David Conkling as VP of Business Development. The company aims to shift its focus towards biotechnology, planning multiple acquisitions. A name and symbol change will also be submitted to FINRA soon.

Positive

• Acquisition of voting control by JF Biopharma may signal growth potential.
• New management appointments could bring fresh perspectives and expertise.
• Shift towards biotechnology aligns with emerging market trends.

Negative

• Resignation of current CEO Benjamin Berry raises concerns about continuity.
• Uncertainty surrounding the execution of planned acquisitions.

SHERIDAN, WY / ACCESSWIRE / March 7, 2023 / HINTO ENERGY, INC. (OTCQB:HENI) today announced a transaction for the shares of the Company resulting in a change of control, as well as the appointment of new officers and members of the board of directors.

On February 8, Synergy Management Group LLC agreed to sell to JF Biopharma, Inc. its Series A Preferred shares in the Company, convertible into 100,000,000 common shares, resulting in the acquisition by JF Biopharma of voting control. The transaction is expected to close within the month of March.

As part of the transaction, Jason Frankovich was appointed Director, David Conkling was appointed VP of Business Development, Andrew Salzman was appointed Chief Scientific Officer, and Nick Korbis was appointed Chief Operations Officer. The current CEO and Director, Benjamin Berry will resign his positions upon the close of the transaction.

The intention of new management is to transition the business of the Company to one of biotechnology, through several acquisitions expected in the coming weeks and months.

The company also plans to submit a name and symbol change to FINRA in the coming months.

About JF Biopharma, Inc.

JF Biopharma leverages a deep understanding of endocannabinoid biology to create and develop novel synthetic cannabinoid medicines for treatment of inflammation, metabolic disease, and burn trauma. The Company's clinical stage pipeline includes innovative proprietary therapeutics for management of fibromyalgia, Type 2 Diabetes, and wound healing. JF Biopharma is headquartered in New York City, with its preclinical research laboratory operations based in Katzrin, Israel and its clinical research centers located in Melbourne and Sydney, Australia.

Forward Looking Statements

Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although Hinto Energy, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Hinto Energy, Inc. is unable to give any assurance that its expectations will be attained. Factors or events that could cause our actual results to differ may emerge, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Contact:

David Conkling, VP of Business Development
info@jfbiopharma.net

SOURCE: Hinto Energy, Inc.

View source version on accesswire.com:
https://www.accesswire.com/742402/Hinto-Energy-Announces-Change-in-Control-and-Appointment-of-New-Officers-and-Directors

FAQ

What is the recent change in control for Hinto Energy (HENI)?

Hinto Energy announced a change in control as JF Biopharma acquired Series A Preferred shares, granting them voting control.

Who are the new officers appointed at Hinto Energy (HENI)?

New officers include Jason Frankovich as Director, David Conkling as VP of Business Development, Andrew Salzman as Chief Scientific Officer, and Nick Korbis as Chief Operations Officer.

What is the strategic focus for Hinto Energy (HENI) after the management change?

The new management intends to transition Hinto Energy's business towards biotechnology through several expected acquisitions.

When will the change of control at Hinto Energy (HENI) be finalized?

The transaction for the change of control is expected to close by the end of March 2023.